South Korea posted the steepest decline in exports among the G20 countries in the first quarter of this year. The Korea Economic Research Institute adjusted its domestic economic growth forecast for this year from 2.4 percent to 2.2 percent.
The OECD announced on June 3 that South Korea’s exports totaled US$138.6 billion in Q1, down 7.1 percent from the previous quarter. Brazil posted a decline of 6.4 percent and the figures of Russia, Indonesia and Japan are negative 4.4 percent, negative 4.3 percent and negative 2.3 percent, respectively.
On a year-on-year basis, South Korea’s exports fell 8.1 percent, the lowest in the OECD as well as the G20. In May, South Korea’s exports fell 9.4 percent on year to show a decline for the sixth consecutive month, which means its export performance is showing no improvement this quarter. In Q1, South Korea’s imports added up to US$125.2 billion, down 7.7 percent from the previous quarter. The rate of decrease is the second-highest in the G20.
The United States’ and China’s exports rose 0.7 percent and 3.9 percent during the same period, respectively. Britain recorded an increase of 6.2 percent, too.